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U.S. equity futures edged lower Thursday, while Treasury yields and the dollar inched higher, as investors looked to an easing in global stock gains following a series of records in major markets around the world.
U.S. stocks ended little-changed on Wednesday, although the Dow Jones Industrial Average extended its run of consecutive session gains to seven, amid easing Treasury yields and solid corporate earnings.
A solid auction of $42 billion in new 10-year notes Wednesday, which drew bids worth nearly $105 billion and upsized interest from foreign buyers, added to the downside moves in yields and provided further support for stocks.
Overnight markets showed 10-year notes rise to 4.514%, however, with 2-year notes pegged at 4.851%, ahead of weekly jobless claims data prior to the opening bell.
The Treasury will sell $25 billion in 30-year bonds later in the session, with results expected at around 1:00 pm Eastern time.
The U.S. dollar index, meanwhile, strengthened to 105.682 against a basket of its global peers as the yen retreated to 155.92 amid renewed speculation of currency market intervention from the Ministry of Finance.
Global oil prices were back on the rise, as well, following better-than-expected trade data from China which showed an 8.4% increase in imports into the world’s biggest energy market over the month of April.
The Dow Jones Industrial Average has risen for seven consecutive sessions, its longest winning streak since December, and closed north of the 39,000 point mark for the first time in five weeks.
Spencer Platt/Getty
Brent crude futures contacts for July delivery, the global pricing benchmark, rose 45 cents to $84.03 per barrel while WTI futures for June delivery added 55 cents to $79.54 per barrel.
On Wall Street, Tesla (TSLA) shares were back in the red, falling 1.1% in premarket dealing, following a report that the carmaker is accelerating its recent round of job cuts with further reductions in China.
Robinhood Market (HOOD) shares leapt 5.05% after the online brokerage first reported better-than-expected first quarter earnings and revenues thanks in part to soaring volumes in crypto currency trading.
AirBNB (ABNB) shares, however, slumped 8.6% after the online vacation rental group forecast muted near-term revenues that offset a stronger-than-expected first quarter earnings report.
On Wall Street, futures tied to the S&P 500, which is up 3.02% for the month, suggest an opening bell decline of around 11 points while those linked to the Dow Jones Industrial are indicating a 56 point pullback.
The tech-focused Nasdaq, meanwhile, is called 45 points lower with Intel (INTC) , Nvidia (NVDA) and Apple (AAPL) the most-active big cap stocks in premarket trading.
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In overseas markets, Britain’s FTSE 100 hit a fresh record high and was last marked 0.04% higher in early London trading ahead of the Bank of England’s May rate decision later in the session.
Economists expect the Bank to hold its key rate steady for a sixth consecutive month at 5.25%, the highest since 2008, while possibly signaling for a summertime rate cut as inflation cools and the economy continues to weaken.
Europe’s Stoxx 600 slipped 0.12% in Frankfurt, after hitting an all-time high of 515.77 points during the Wednesday session.
Overnight in Asia, the better-than-expected April trade data, which included an overall surplus of $72.35 billion, helped lift China stocks into modest session gains, although the region-wide MSCI ex-Japan benchmark ended 0.35% lower.
Japan’s Nikkei 225 was also in the red, falling 0.34% on the session to close at 38,073.98 points.
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